v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities      
Net loss $ (10,297) $ (7,330)  
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 9,547 8,168  
Amortization of fair value adjustments 81 81  
Income from preferred equity investments (1,531) (3,110)  
Share of net earnings of equity method investment (296)    
Gain on sale of real estate investments, net (584) (827)  
Impairment of real estate investments 601 124  
Fair value adjustment of interest rate caps and swaps 164 778  
Recovery of credit losses, net   (102)  
Loss on extinguishment of debt costs 36 4  
Noncash operating lease expense 156 152  
Distributions of income from preferred equity investments   1,282  
Distributions from investments in unconsolidated real estate funds 261    
Share-based compensation attributable to equity incentive plan 1,294 1,164  
Share-based compensation to Manager - C-LTIP Units 210 245  
Changes in operating assets and liabilities:      
Due from affiliates, net (2,239) (270)  
Accounts receivable, prepaids and other assets (5,051) (1,187)  
Notes and accrued interest receivable   419  
Accounts payable and other accrued liabilities (805) 1,360  
Net cash (used in) provided by operating activities (8,453) 951  
Cash flows from investing activities      
Acquisitions of real estate investments (2,685)    
Capital expenditures (3,849) (3,845)  
Repayments on notes receivable   22,300  
Proceeds from sale of real estate investments 20,667 6,282  
Investment in preferred equity investments (7,751) (5,762)  
Net cash provided by investing activities 6,382 18,975  
Cash flows from financing activities      
Distributions to common stockholders (507)    
Distributions to noncontrolling interests (1,148)    
Distributions to partially owned properties' noncontrolling interests (2,202) (135)  
Distributions to preferred stockholders (2,571) (1,925)  
Contributions from noncontrolling interests 11,738 25,178  
Repayments on mortgages payable (12,264) (1,689)  
Repayments on revolving credit facilities   (36,000)  
Payments of deferred financing fees   (2)  
Payments to redeem 6.0% Series A Redeemable Preferred Stock (133)    
Net cash used in financing activities (841) (480)  
Net (decrease) increase in cash, cash equivalents and restricted cash (2,912) 19,446  
Cash, cash equivalents and restricted cash, beginning of year 194,462 131,241 $ 131,241
Cash, cash equivalents and restricted cash, end of period 191,550 150,687 194,462
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 170,097 134,748 169,561
Restricted cash 21,453 15,939 24,901
Total cash, cash equivalents and restricted cash, end of period 191,550 150,687 $ 194,462
Supplemental disclosure of cash flow information      
Cash paid for interest (net of interest capitalized) 5,443 4,677  
Cash paid for income taxes 449    
Supplemental disclosure of non-cash investing and financing activities      
Distributions payable to common stockholders - declared and unpaid 507 496  
Distributions payable to noncontrolling interests - declared and unpaid 1,154 1,133  
Distributions payable to preferred stockholders - declared and unpaid 887 702  
Capital expenditures held in accounts payable and other accrued liabilities 1,950 1,406  
Series A Redeemable Preferred Stock      
Cash flows from financing activities      
Net proceeds from issuance of Redeemable Preferred Stock 4,173 $ 14,093  
Series B Redeemable Preferred Stock      
Cash flows from financing activities      
Net proceeds from issuance of Redeemable Preferred Stock $ 2,073